Academy schools enjoy much greater control over the way in which they operate and their budgets. However, becoming independent of a local authority also brings with it new challenges.
When making the transition, working with experienced advisers can be the difference between making it a success or finding it a struggle. That’s where our team of accountancy, audit, business development and tax experts come in.
We are here to advise you, whether you’re in the planning phase or whether you’re already in the process of transitioning to an academy school.
We can assess and advise on improving the viability of a conversion – and we can help you to meet the new responsibilities that come with academy status, including compliance with ongoing reporting obligations to the Education Funding Authority.
We provide comprehensive accounts preparation and audit services to ensure that the academies we work with are compliant with the Companies Act and the Charities’ Statement of Recommended Practice, as the status requires, drawing out key data to help schools operate more efficiently and effectively.
Financial efficiency can be facilitated, in part, by professional management accounting, helping you to keep track of how the school is performing on an ongoing basis and making day-to-day decision-making, as well as longer-term planning, much easier.
We can prepare meaningful management accounts and assist with interpreting the information so that you know what to do next!
We also offer our expertise in other specialist areas, including VAT registration and the reclaiming of VAT on non-business activities, any liability to corporation tax that may arise, for example on lettings income, and pensions issues.
With greater control over budgets, comes the freedom for Academy schools to adopt a more commercially minded approach when it comes to sourcing external providers of goods and services.
At George Hay Chartered Accountants, we offer a range of efficient, value for money, outsourced services to assist and support academy school business managers across Bedfordshire, Cambridgeshire and Hertfordshire and beyond, including bookkeeping (GH Online Accounting & Bookkeeping) and payroll (GH Payscheme).
For more information on the services we offer for Academy schools, please contact us.